L.A.–Based Brentwood Associates Buys Boston Proper
Boston Proper, the multichannel retailer owned by Chico’s FAS Inc., has been acquired by Los Angeles–based private-equity investment Brentwood Associates for an undisclosed amount.
Boston Proper President and Chief Merchandising Officer Sheryl Clark will remain with the company to help Brentwood “refocus on building a unique and compelling direct-to-consumer lifestyle brand through Boston Proper’s print, digital and social channels,” according to a company statement.
“We will reignite the passion around the brand, strengthen the quality of our service and further enhance the personal relationships that drive our business,” Clark said in a statement. “Everyone changes. We’ve changed. Our customer has changed. The world has changed. But our core attitude is still there. We’ve started the conversation with our customers, and they’re eager to join us on this journey of growth and rediscovery.”
Clark praised Brentwood for its “proven track record of success with our business model” and its “strong understanding of who we are and a like-minded vision of where we want to go.”
Founded in Boca Raton, Fla., in 1992 Boston Proper sells women’s apparel and accessories through its catalog and website. Chico’s acquired the business in 2011.
Eric Reiter, a partner at Brentwood, said the investment firm had been following Boston Proper’s business for over a decade. “They occupy a unique and compelling niche within the women’s apparel and accessories market, and we believe we can be a valuable partner in their next stage of growth,” he said.
In November, Brentwood acquired J.McLaughlin, a nearly 40-year-old specialty-store chain founded in New York. The company operates 103 stores, which are primarily on the East Coast, but it also has stores in the California cities of San Marino, Montecito, Newport Beach and Palo Alto.